How it works
The journey begins when you create an account with us, validate your email address, enter your nickname and some basic security details and then land on our Welcome page, as follows:
From here, you can start a new mortgage application, or review/edit an existing one. Once you begin or resume a mortgage application you move to the main dashboard screen, where you can see your journey bar to the left, and the associated steps to complete on the right:
The mortgage journey consists of the following main stages
Get started & initial assessment
It would be annoying to be told you don’t qualify for the main lending criteria right at the end of the process, so we have brought these important questions right to the front. After entering some basic contact preferences, including whether or not you would like to have application status updates sent to your mobile by SMS, you will be asked various questions about your residency and credit history and we will run by you several of the lenders main lending criteria.
Then you reach the important Inital Assessment section, were you have the opportunity to answer a few more key questions about your application and then request that an Expert Advisor review your situation to give you a real world view on the likely viability of your holiday let mortgage application. We recommend that all new customers request this assessment, as it only takes a few minutes and it can save you a lot of time!
This is the main “hard fact find” section, as it’s known in the industry. Here we ask about your personal details, employment, income, assets, liabilities and expenditure, to get a complete personal and financial picture of each applicant to the mortgage. Make sure you have read the Information Checklist before starting this section and have all the information and documents ready to hand!
Here you can tell us all about the property to be mortgaged, whether that be a new purchase or an existing home. We cover details such as its value, construction and rather importantly, its holiday letting history and potential.
In this section, we ask you various questions to determine your mortgage requirements and preferences, a process known as the “soft fact find”, such as interest only or a fixed rate, and then cross check those choices against your future plans to make sure the mortgage we recommend will suit your needs.
We finish this section by inviting you to request Expert Advice, from a holiday let mortgage advisor. This is a relaxed call, which is arranged between you and your advisor at a mutually convenient time, where your advisor will talk you through the recommended mortgage choice and discuss the associated research that led to that recommendation.
Once you are satisfied with the mortgage choice, your advisor will then generate various key documents relating to that mortgage and invite you to log back in and proceed to the next stage.
Following the Expert Advice above, the first job is to read each of the key mortgage documents your advisor has uploaded for you and tick to confirm your agreement and understanding of each one.
We then ask you some questions about your solicitor, insurance and survey needs. The section is then finished with you in the document verification upload centre, where you have to upload PDFs of various supporting documents, like Passport, Driving License, Council Tax Bill, P60, etc, into the system to support your application.
When finished, you are invited to provide your final consent to proceed with a formal application to the lender, which will normally include the lender performing a “hard” credit check on you and the other applicants. Once the permission is given you move to the final section.
All your hard work is now done! Here you can see a series of icons that represent each stage in the formal application process, as follows:
- Pre-submission review
- Decision in principle
- Application submitted
- Lender consultation
- Mortgage offer issued
- Mortgage completed
Holiday Let Mortgages. Done.
Holiday Cottage Mortgages Limited is an Appointed Representative of Julian Harris Mortgages Limited, Julian Harris House, Musgrove, Ashford, Kent, TN23 7UN, which is authorised and regulated by the Financial Conduct Authority (FCA). Julian Harris Mortgages Limited’s FCA Register number is 304155. The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk
Your home may be repossessed if you do not keep up repayments on your mortgage. Pure holiday let, buy to let and commercial mortgages are not regulated by the FCA.